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Futures Broker Freezes Accounts-WSJ

It looks like another disaster has hit the Futures and Commodities industry with the recent freezing of accounts at PFGBEST. This is a very unfortunate situation for clients that put their hard earned money to work in account believing that their funds were segregated only to find inconsistencies with the firm's accounting. Before and after the MF Global disgrace we at T&T Capital Management have been arguing for increased regulation in the Futures and Commodities arena. The need for an SIPC type program is so obvious as are limiting participation in CTA programs to accredited investors, but this industry must have a positive lobby in Congress as very little has changed. We'll see if people get the message now.